Here are some of the newer retirement plan options and recent tax changes to be aware of:

– Solo 401(k) – Allows self-employed individuals to contribute as both employee and employer, with much higher contribution limits than a traditional IRA.

– SIMPLE IRA – A relatively simple plan for small businesses with less than 100 employees. Easy to set up and low administrative costs.

– Individual 401(k) – For self-employed or solo business owners with no employees. Operates like a regular 401(k) with high contribution limits.

– Roth 401(k) – Contributions made after-tax, allowing for tax-free growth and withdrawals in retirement.

– Mega backdoor Roth – A strategy to make large after-tax contributions to a 401(k) and convert them to Roth for tax-free growth.

– Qualified Longevity Annuity Contract (QLAC) – A deferred income annuity that starts payments later in retirement, allowing larger 401(k) RMDs early in retirement.

– SECURE Act – Changed required minimum distribution age to 72, allows IRA contributions after age 70.5, and reduced stretch IRA benefits.

– CARES Act – Temporarily waived retirement account required minimum distributions for 2020 to help mitigate COVID-related losses.

Consulting with a financial planner can help determine which retirement plan strategies and new options make the most sense for your needs and goals.